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我国上市公司协议收购与要约收购制度比较:基于公平与效率的视角 被引量:4

The Comparison Between Systems of Acquisition of Chinese Public Company by Agreement and by Tender Offer:Based on the Perspective of Equity and Efficiency
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摘要 本文旨在从公平与效率的角度对我国现行的上市公司并购交易制度作一比较和探讨.本文认为,我国上市公司股权结构的特殊性决定了协议收购是目前上市公司并购中具有效率性的制度安排,但这种交易制度在实践中难以保障并购交易的公平性;要约收购有利于改善并购交易的公平性,但现行的强制要约收购制度影响了并购交易效率.为提高上市公司并购交易制度的有效性,现行的并购交易制度亟待进一步完善,同时还需要其他资本市场制度改革的有效配合. This paper aims at comparing and discussing Chinese current acquisition systems of public company from the perspective of equity and efficiency.It put forward that the special share structure of Chinese public company decides that acquisition by agreement is the most efficient system arrangement,but,unfortunately,this trade system can not guarantee the equity of the acquisition trade in practice.On the contrary,acquisition by tender offer helps to improve the equity of acquisition trade,but the current compulsive tender offer system affects the efficiency of acquisition trade negatively.In order to improve the efficiency of acquisition system of public company,the current acquisition trade system has to be improved and simultaneous reforms on other systems of capital market are also needed.
作者 程兴华 CHENG Xing-hua(College of Economics,Zhejiang University,Hangzhou 310027,China)
出处 《财经论丛》 CSSCI 北大核心 2005年第4期 35-41,共7页 Collected Essays On Finance and Economics
关键词 上市公司并购 协议收购 要约收购 acquisition of public company acquisition by agreement acquisition by tender offer
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